EBay said it has acquired the rest of open source e-commerce platform Magento, in a bid to build a broader commerce operating system that spans online, mobile, social and local. The deal is expected to close in this year’s third quarter.
The online auctioneer last year acquired a 49 percent stake in Magento, which is based in Los Angeles and has about 290 employees and tens of thousands of merchant customers.
Magento will remain in Los Angeles and continue supporting its partners and customers, as well as keep developing its product roadmap, while leveraging eBay’s additional resources and helping eBay develop X.Commerce.
"eBay is evolving to become a strategic commerce partner focused on delivering new ways for merchants of all sizes to drive innovation. As a centerpiece of this strategy, they are building a global, open commerce platform that leverages the worldwide developer community. And Magento will be at the core of this new, open commerce platform, called ‘X.Commerce,’" wrote Magento CEO Roy Rubin wrote in a blog post.